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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 2% on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 10 December, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1383.80

-$7.70

-1.51%

Silver

$28.60

-$0.15

-1.79%

XAU

223.45

+0.56%

-0.81%

HUI

570.51

+0.38%

-1.90%

GDM

1699.53

+0.33%

-1.84%

JSE Gold

2722.93

-23.65

-0.99%

USD

80.08

+0.05

+1.14%

Euro

132.31

-0.09

-1.39%

Yen

119.12

-0.32

-1.50%

Oil

$87.79

-$0.58

-1.57%

10-Year

3.296%

+0.073

+9.25%

Bond

123.03125

-0.5625

-2.06%

Dow

11410.32

+0.35%

+0.25%

Nasdaq

2637.54

+0.80%

+1.78%

S&P

1240.40

+0.60%

+1.28%

 
 

 

The Metals:

 

Gold remained near unchanged in Asia and London before it fell almost $20 in early New York trade to as low as $1372.15 shortly after 10AM EST, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.55%.  Silver fell to as low as $28.038 before it also rallied back higher and ended with a loss of just 0.52%.

 

Euro gold fell to about €1046, platinum lost $5.25 to $1670, and copper gained over 2 cents to about $4.11.

 

Gold and silver equities saw slight losses for most of the morning, but they then climbed back to about unchanged by midday and ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

Oct

-$38.7B

-$44.5B

-$44.6B

Export Prices

Nov

1.5%

-

0.8%

Export Prices ex-ag.

Nov

0.8%

-

0.6%

Import Prices

Nov

1.3%

-

1.0%

Import Prices ex-oil

Nov

0.8%

-

0.3%

Michigan Sentiment

Dec

74.2

72.5

71.6

Treasury Budget

Nov

-$150.4B

-$134.0B

-$120.3B

 

Treasury: Financial bailout income at $35 billion  Yahoo

Most Americans Say They're Worse Off Under Obama, Poll Shows  Bloomberg

Americans in Poll Want Deficit Cut With Entitlements Secured  Bloomberg

Ron Paul, Author of `End the Fed,' to Lead Panel Overseeing Central Bank  Bloomberg

 

All of this week’s other economic reports:

 

Wholesale Inventories - October

1.9% v. 2.1%

 

Initial Claims - 12/04

421K v. 438K

 

MBA Mortgage Applications - 12/03

-0.9% v. -16.5%

 

Consumer Credit - October

$3.4B v. $1.2B

 

Next week’s economic highlights include PPI, Retail Sales, Business Inventories, and a FOMC rate decision on Tuesday, MBA Mortgage Applications, CPI, the Empire Manufacturing Survey, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, the Current Account Balance, and the Philadelphia Fed on Thursday, and Leading Economic Indicators on Friday.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell on worries over a Chinese rate hike this weekend.

 

The U.S. dollar index and treasuries waffled near unchanged on mixed economic data that sent the Dow, Nasdaq, and S&P modestly higher.

 

Among the big names making news in the market Friday were GE, Berkshire Hathaway, Blackstone, Pfizer, and Occidental.

 

GATA Posts:

 

 

Eric Sprott and David Franklin: The silver lining

With the right questions now, Paul really might 'End the Fed'

Despite central banks and jewellers, gold has remonetized itself

Compliments for GATA from National Inflation Association

 

The Statistics:

Activity from: 12/09/2010

Gold Warehouse Stocks:

11,569,631

-318

Silver Warehouse Stocks:

107,057,582

-1,008,662

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1293.778

41,596,261

US$57,199m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

121.29

3,899,714

US$5,372m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

133.28

4,284,922

US$5,905m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,090

US$633m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

51.00

1,639,733

US$2,281m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,965

US$7m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.518 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 107.95 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,941.34 - No change from yesterday’s data.

 

The Miners:

 

Minco Gold’s (MGH) unusual market activity and Esperanza’s (EPZ.V) ownership interest in Global Minerals were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Paramount

PZG +40.76% $2.59

2.  Minco

MGH +20.63% $2.28

3.  Northern Dynasty

NAK +19.84% $13.41

 

LOSERS

1.  Ivanhoe

IVN-3.78% $23.94

2.  Alexco

AXU -2.54% $7.68

3.  Exeter

XRA -1.85% $5.85

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

All of today's gold and silver stock news:

JAXON ANNOUNCES UNIT PRIVATE PLACEMENT - More
- December 10, 2010 | Item | ShareThis


Newcastle Announces Private Placement - More
- December 10, 2010 | Item | ShareThis


Ivernia Announces Early Conversion of All Outstanding Convertible Notes - More
- December 10, 2010 | Item | ShareThis


Prominex Corporate Update - More
- December 10, 2010 | Item | ShareThis


Hana Mining Ltd. Appoints Ernst & Young as Auditors - More
- December 10, 2010 | Item | ShareThis


Ucore Updates Exploration Work at Lost Pond, Newfoundland - More
- December 10, 2010 | Item | ShareThis


Riverside Announces That William Lee has Been Appointed to the Company's Board of Directors - More
- December 10, 2010 | Item | ShareThis


Bell Copper Corporation - Stock Option Grant - More
- December 10, 2010 | Item | ShareThis


Ressources Minieres Pro-Or Inc.: Update on St-Augustin Plant Activities - More
- December 10, 2010 | Item | ShareThis


LINCOLN MINING EXPANDS CLAIM BLOCK AT ORO CRUZ GOLD PROPERTY, CALIFORNIA - More
- December 10, 2010 | Item | ShareThis


Seafield Increases Private Placement to $15,000,000 - More
- December 10, 2010 | Item | ShareThis


Belmont & Dorex Drilling Progress on Lumby/Bufo Property - More
- December 10, 2010 | Item | ShareThis


Fancamp Appoints Robert N. Granger Q.C. Chairman - More
- December 10, 2010 | Item | ShareThis


Minco Gold Corporation: Unusual Market Activity - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is not aware of any material undisclosed event that would cause unusual market activity." More
- December 10, 2010 | Item | ShareThis


Abington Orientation Soil Sample Results - More
- December 10, 2010 | Item | ShareThis


GOLDEN DAWN MINERALS INC. - Issue of options to Financial Strategy Consultant - More
- December 10, 2010 | Item | ShareThis


Caledonia Mining - Resignation of Chairman - More
- December 10, 2010 | Item | ShareThis


Supatcha Acknowledges Unsolicited Bid - More
- December 10, 2010 | Item | ShareThis


Mill Bay Ventures Executes Letter of Intent on Golden Repeat - More
- December 10, 2010 | Item | ShareThis


Appointment to the Board and Continuation of Drilling at Dufferin - More
- December 10, 2010 | Item | ShareThis


Chantrell Announces Non-Brokered Private Placement - More
- December 10, 2010 | Item | ShareThis


Prospero Intersects 16.17 Meters of 4.03 g/t Au, 204 g/t Ag, 4% Pb Including 8.15 Meters of 5.0 g/t Au, 223 g/t Ag, 7.6% Pb at El Dorado Project, Nayarit - More
- December 10, 2010 | Item | ShareThis


NSGOLD COMPLETES PHASE 1 DRILLING AT MOOSELAND AND COMMENCES WORK ON THE LEIPSIGATE GOLD PROPERTY - More
- December 10, 2010 | Item | ShareThis


Glen Eagle Resources Inc.: Private Placement - More
- December 10, 2010 | Item | ShareThis


Alto Arranges $2 Million Private Placement - More
- December 10, 2010 | Item | ShareThis


Dynasty Gold Signed Earn-in Agreement on Nevada Property - More
- December 10, 2010 | Item | ShareThis


Lydian International Limited Acquires Option to Purchase Minority Interest - More
- December 10, 2010 | Item | ShareThis


Ardent Mines Announces Appointment of Two New Directors to Board - More
- December 10, 2010 | Item | ShareThis


Laurion Intercepts 7.62 Meters of 28.6 g/t Silver and 3.37 g/t Gold and Continues to Expand Mineralization at Bell Mountain - More
- December 10, 2010 | Item | ShareThis


Malbex Year-End Update - More
- December 10, 2010 | Item | ShareThis


Inmet Management Presentation at Las Cruces - More
- December 10, 2010 | Item | ShareThis


ABITEX REPORTS GOLD ASSAYS UP TO 73 G/T AT LAVOIE U-AU PROJECT - More
- December 10, 2010 | Item | ShareThis


Hathor Exploration Limited: New Uranium Mineralization Confirms Exploration Potential at Russell Lake - More
- December 10, 2010 | Item | ShareThis


Qiao Xing Universal Resources Provides an Update on the Progress of the Proposed Privatization of its Subsidiary - More
- December 10, 2010 | Item | ShareThis


Molycorp and Sumitomo Agree to USD$130 Million Equity and Debt Investment in Molycorp in Exchange for Rare Earth Supply Agreement - More
- December 10, 2010 | Item | ShareThis


Anaconda Mining Inc. and New Island Resources Inc. Announce Signing of Arrangement Agreement - More
- December 10, 2010 | Item | ShareThis


Strathmore Joins OTCQX - More
- December 10, 2010 | Item | ShareThis


Jourdan Plans 3,000 Metres Diamond Drilling Campaign on the Lithium and Rubidium Discovery Grading Up to 1.88% Li2O and 2,550 g/t Rubidium - More
- December 10, 2010 | Item | ShareThis


VMS Reports That the First Step Out Drill Hole at Reed Lake Has Intersected 10 Metres of 2.39% Copper 214 Meters Down Plunge of the Reed Lake Deposit - More
- December 10, 2010 | Item | ShareThis


Encore Renaissance Resources Corp. Continues Negotiations on Tanzanian Gold Project - More
- December 10, 2010 | Item | ShareThis


Advanced Explorations Inc. Closes $5.3 mm Strategic Investment by XinXing Pipes Group - More
- December 10, 2010 | Item | ShareThis


Lucky Boy Silver Initiates Investor Communications Program - More
- December 10, 2010 | Item | ShareThis


Lakeland Resources Inc. Closes Private Placement Financings - More
- December 10, 2010 | Item | ShareThis


Esperanza's Special Warrants of Global Minerals Ltd. Converted Into Shares and Warrants - "Esperanza Resources Corp. ("Esperanza") (TSX VENTURE:EPZ - News) is pleased to announce that, at the annual general meeting of the shareholders of Global Minerals Ltd. (TSX.V:CTG) held on December 3, 2010, Global's shareholders overwhelmingly approved Esperanza acquiring greater than 20% of Global's stock through the conversion of its special warrants and thereby becoming a control person of Global. The special warrants have been converted accordingly, and Esperanza now holds 23,493,233 shares of Global, representing a 36.4% ownership interest in Global, and warrants to purchase a further 2,079,951 shares." More
- December 10, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


-- Posted 10 December, 2010 | |


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